Tuesday, June 14, 2016

Update: Sales of Millers Point properties

A further ten Public Housing properties in Millers Point were auctioned off to private market purchasers on the evening of 9 June 2016. 

The Daily Telegraph's coverage provides that the sales generated $33.805 million in total. Prices ranged from $5.725 million for the six-bedroom home at 7 Dalgety Road, to $1.815 million for the three-bedroom property at 27 Windmill Street

Above: aerial view of Millers Point

The NSW Government's 'Discover Millers Point' page states that the next sales will consist of four terrace properties of between two and six bedrooms, to be auctioned on July 13. 

As at 10 May 2016, 330 of the 399 Social Housing properties in Millers Point and surrounds had been vacated. Of the remaining 69 homes, 12 residents have been approved to move into 13 of the 28 properties set aside for existing residents (two adjoining properties will be modified to create one tenancy). 

Update at Thursday, 15 July 2016:

Sales: Four more properties in Millers Point went under the hammer on 13 July 2016. You can check these out at: https://www.finance.nsw.gov.au/about-us/media-releases/social-housing-benefit-sale-four-millers-point-terraces The NSW Government Real Estate 'Rediscover Millers Point' website was updated on 14 July 2016. 

Residents: At the meeting of Millers Point Estates Advisory Board NSW on 13 July 2016 Housing NSW reported that:
  • 399 properties in the portfolio
  • 344 have been vacated out.
  • Of the 55 remaining tenancies to be relocated, 50 are from FACS Housing NSW and 5 from Little Real Estate.
  • 13 of the 55 remaining tenancies have been approved for moving into alternative accommodation (both within or outside Millers Point)
  • 42 tenants are still to be rehoused. 
  • 15 proprieties set aside for remaining tenants remain unallocated. 
Of the 42 tenants still to be rehoused, 7 reside in the Sirius Building.

Our response

To date 94 properties have been sold for $264,212,000, with a median sale price of $2.48M and sales in the range $1.54M and $7.70M. You may check this out at: http://rediscovermillerspoint.com.au/ 

The NSW Government receives an extra bonus on each sale. Its return on the sales is at least 5% higher than the sale price received due to stamp duty to the state government. For each property, the NSW Government receives the following additional payment: over 1m - add $40,490 plus $5.50 for every $100 by which the price exceeds $1,000,000; over $3m - add $150,490 plus $7.00 for every $100 by which the price exceeds $3,000,000.

The NSW Government's stated target for total revenue from Millers Point sales is $500 million. Given the staggering sales figures to date, it is reasonable to conclude that it could comfortably meet its target through the sale of properties that already lie vacant. 

The Government should therefore allow the remaining 42 households - overwhelmingly occupied by elderly, long-term tenants - to age in place in their current homes. 

The Government should also permanently retain some workers' cottages, and units within the Sirius Building, as Public Housing. This would allow the Millers Point community to retain a social mix. It would also be consistent with the Government's firm commitment to deliver social mix through its Social Housing redevelopment programs (such as those at Airds-Bradbury, Telopea, Waterloo, Glebe, and Macquarie Park). 

1 comment:

  1. A great article, I think it's worth remembering that the decision to remove all social housing in Millers Point was made by PRU Goward in march 2014 at the time when "OPERATION SLICER" WAS BEING INVESTATED by ICAC and liberal nsw government had 8 ministers being stood down and investigated for ILLEGAL Developer donations and the then NSW Premier was announcing the biggest land grab of public land with the tender for the Bangaroo casino project only to step down as premier of NSW "OVER A BOTTLE OF GRANGE" when investigated by ICAC, Makes me think ICAC stopped investigating illegal devoper / doner Influence in government decisions a little too soon, after the circular Quay incidents with eddie obeed it is not too far to go up the hill from the Quay and see the potential for corruption in the Social cleansing of all social housing in Millers POINT freehold sale as another area for corruption by public servants time to stop the Public land sell off by this state government till we know for sure just what public assets we really do have left! and that our public servants really do have the best interests of our future generations in mind and not financially benefiting from the sale of these socially valuable public assets.